Estate planning involves taking affirmative steps to take control of your own future and to make sure those you care about are cared for after you’re gone. Whether you are young or old, rich or not, you need to make sure you have a plan in place in case of incapacity, illness, old age, or death. While no one likes to think they could ever get sick or pass away, being prepared for these inevitabilities is the smart choice.
Nirenstein, Horowitz & Associates P.C. is a Connecticut estate planning law firm that provides legal representation to people at all stages of their lives. Whether you are concerned about who will care for your young children if you pass away; worried about what happens if you need to go into a nursing home; thinking about what happens after your death; or otherwise worried about an uncertain future, our legal team is here to help you take control. Give us a call now to learn about the assistance we can provide with estate planning and to get answers to questions including:
- Who needs to create an estate plan?
- What should be part of an estate plan?
- How can a Connecticut estate planning lawyer help you?
Who Needs to Create an Estate Plan?
While many people mistakenly believe estate plans are only for wealthy elderly people, the reality is they are for everyone. Simply put, if you have a home, bank accounts, or retirement accounts, you need a trust. You need to create an estate plan so you can:
- Name a guardian for younger children and provide for them financially.
- Make a plan for what would happen to your pets if you pass away.
- Determine who will get your assets if you die so there’s no family fighting.
- Reduce the taxes which could be assessed on your estate or eliminate those taxes altogether.
- Determine what happens if you become incapacitated. You’ll address your medical care and the medical decisions which must be made.
- Protect your assets from being lost.
- Make plans for how a nursing home will be paid in case you ever need extended care.
You may also need to address circumstances unique to you. For example, if you have a disabled loved one, a special needs trust may need to be created. You may wish to create a spendthrift trust if you have a relative likely to squander any inheritance you leave behind.
Whether you are young, middle aged, or old, you don’t want to wait until it is too late for you to create an estate plan. You should do it now while you are of sound mind and can still make the important decisions you need to make for a secure future for you and your loved ones.
What Should Be Part of An Estate Plan?
Every person needs to have an estate plan which is designed to meet their specific goals. The legal tools you will use are going to vary depending upon the phase of life you are in, the assets you have acquired, your desires for prolonging your life in case of incapacitation, and a variety of other factors. Because every situation is different and people have goals and priorities unique to them, Nirenstein, Horowitz & Associates P.C. provides personalized advice on a customized plan.
As members of the American Academy of Estate Planning Attorneys, with decades of collective experience, our firm uses all of the legal tools available under Connecticut law to help clients to protect their assets, autonomy, family, and security. Some of the different things that we can help you to include in your estate plan are:
- Trusts which can be used to qualify for Medicaid without spending down assets and which can also be used to protect assets from being lost or squandered. Trusts to help avoid estate taxes, keep your estate out of probate, provide for disabled beneficiaries, provide for young children, and provide for beloved pets.
- A will which you can use to determine who will inherit your property so your family doesn’t fight upon your death. You can also provide instructions for burial in your will.
- An advanced directive which you can use to explain when you want medical intervention and what types of intervention you would like to receive under particular circumstances. You could also include a DNR (do not resuscitate order) if you want to make sure you aren’t kept alive by machines when your quality of life is gone.
- A Medicaid plan so you can ensure you get Medicaid to pay for a nursing home without having to spend all your money first.
These and other components of your estate plan give you the ultimate control over your own life, as well as over your money and property, even when the future is uncertain.
How Can a Connecticut Estate Planning Lawyer Help You?
Nirenstein, Horowitz & Associates P.C. is passionate about helping clients of all ages to create a comprehensive estate plan that meets their needs. To learn more about the assistance our Connecticut estate planning lawyers can offer you, give us a call at (860) 548-1000.